Bismarck Rewane, the Chief Executive Officer of Financial Derivatives, has forecasted a decline in Nigeria’s inflation and food prices from July to August 2024.
Speaking during an interview with Channels Television on Thursday, Rewane highlighted that the country’s headline and food inflation rates, which surged for the 17th consecutive month in May to 33.95 percent and 40.66 percent respectively, will start to ease in the coming months.
Rewane attributed the expected decline to the Central Bank of Nigeria’s aggressive management of money supply growth and improved management of crude oil revenue.
He stated, “The National Bureau of Statistics inflation data was released last week Saturday. The picture is that the rate of increase in price level has begun to slow. Hence we are projecting that information will begin to decline from July to August. There is a flicker of light at the end of the tunnel
“Give or take depending on how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though. Don’t forget it has been the 17th consecutive month of inflation.
“Given out take depending on. how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though.
“How will it happen, of course, the Central Bank of Nigeria has to continue to get a code of money supply growth. If that happens aggressively and we begin to see the management of oil revenue much more efficiently, we will improve inflation.
“Generally speaking, the dark days are coming to an end and few bright lights will start coming as we go into the end of the year” Rewane added.
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